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Femina Survey: Inside the mind of a millennial woman

Whether you are a millennial or are struggling to understand one, life right now can get a bit confusing. Work culture is changing, no one seems to date anymore and Instagram is giving everyone heartburn. Femina decided to decode these emerging trends by going straight to the source. We surveyed millennial women (aged 18 to 35) to find out where they stand on issues like sex, career, money, relationships and identity,travel, health,technology, and community and labels.

Let’s see what the millennial women think about money.

At what age one should start saving for the future?

The new short-term: Almost all findings point to the fact that the millennial woman is serious in her approach towards money—96 per cent feel the need to be financially secure and 45 per cent voted for 'less than 25' as the ideal age to start saving for the future. “They may not be saving for retirement etc yet, but they are not just thinking about the next few years, either—20-25 years is the new short-term. They are aware of investment instruments and understand money management,” says Yutika Sanganaria, president of Millennium Mams, an organisation that works towards women empowerment through financial literacy.

Experience economy: It’s the spending pattern of Gen Y women, though, that’s one of the most striking features: 96 per cent would like to spend on experiences rather than on accumulating possessions. “The young these days are investing in the present and are fuelling the experience economy by putting their money in travel, dining and fitness,” says Sanganaria.

Eternal nomads: Gen Y may want to travel the world, but home is where they want to put their money; 82 per cent of respondents indicated they prefer to own than rent. “The biggest shift over the years has been that the young don’t look at real estate as a form of investment—making multiple purchases—they want to buy one house but buy it right. Plus, rents these days are as high as the loan EMIs,” she says.

Who do you turn to for financial advice?

Family knows best: Trust seems to drive financial advice, and that’s why 84 per cent would turn to their family and friends. “Though it’s not the right approach, many look at their parents and peers as experienced agents, and the web as only a means to confirm the information,” says Sanganaria. That one in four women does go to experts is a good sign, but “there’s a huge gap to be filled in by wealth management companies, who need to understand this generation and its needs better”.

Do you see yourself investing in mutual funds/life insurance anytime soon?

Safe and smart: While half of the women surveyed say they see themselves putting money in mutual funds/life insurance soon (a sign that they are proactive about savings), 40 per cent say they have set up an emergency fund. Sanganaria says the older ones of the lot are also investing in education funds for their kids, term plans, medical insurance etc, pointing out that the young may have a different approach, but they know the art of money management, contrary to what Gen X would like to believe.